Northern Trust Corp Acquires 113,670 Shares of Targa Resources, Inc. $TRGP

Key Points

• Northern Trust Corp has increased its position in Targa Resources, Inc. by 5.2%, owning 2,304,977 shares worth approximately $462 million as of the latest SEC filing.
• Targa Resources recently announced a quarterly dividend increase to $1.00 per share, reflecting an annual yield of 2.5%, up from the previous quarterly dividend of $0.12.
• The company reported earnings of $2.87 per share, significantly exceeding analyst expectations, even though revenue fell short of forecasts at $4.26 billion.

Northern Trust Corp boosted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,304,977 shares of the pipeline company's stock after acquiring an additional 113,670 shares during the period. Northern Trust Corp owned 1.06% of Targa Resources worth $462,079,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Snowden Capital Advisors LLC raised its holdings in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after purchasing an additional 53 shares in the last quarter. Ritholtz Wealth Management raised its holdings in Targa Resources by 1.3% during the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC raised its holdings in Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP raised its holdings in Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after purchasing an additional 74 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 0.5%

Shares of Targa Resources stock traded up $0.8190 during trading hours on Friday, hitting $162.9190. 1,000,388 shares of the company's stock traded hands, compared to its average volume of 1,571,554. The stock has a 50 day simple moving average of $167.92 and a 200-day simple moving average of $175.60. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a market cap of $35.06 billion, a PE ratio of 23.04, a PEG ratio of 0.99 and a beta of 1.12. Targa Resources, Inc. has a twelve month low of $142.11 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TRGP shares. Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Barclays increased their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Citigroup dropped their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.